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5 May 2015
Gold looks to regain $1,200
FXStreet (Edinburgh) - The troy ounce of the precious metal is trading at shouting distance from the critical barrier at $1,200 on Tuesday, posting gains for the second consecutive session.
Gold firmer on lower USD
The resurgence of the selling pressure around the greenback allowed the recovery in Gold prices today, adding to yesterday’s advance. The bull run, however, lost legs just below $1,200, although it manages to keep the upper end of the intraday range.
The greenback, measured by the DXY, could not sustain the recent gains and briefly slipped back below the 95.00 handle, remaining in the negative ground so far.
Gold levels to consider
The metal is now gaining 0.44% at $1,193.53 with the next resistance at $1,199 (high May 5) ahead of $1,236.79 (high Feb.16) and then $1,245.91. On the other hand, a breach of $1,177 (low May 4) would aim for $1,168.50 (low Mar.20) ahead of $1,159.40 (low Mar.19).
Gold firmer on lower USD
The resurgence of the selling pressure around the greenback allowed the recovery in Gold prices today, adding to yesterday’s advance. The bull run, however, lost legs just below $1,200, although it manages to keep the upper end of the intraday range.
The greenback, measured by the DXY, could not sustain the recent gains and briefly slipped back below the 95.00 handle, remaining in the negative ground so far.
Gold levels to consider
The metal is now gaining 0.44% at $1,193.53 with the next resistance at $1,199 (high May 5) ahead of $1,236.79 (high Feb.16) and then $1,245.91. On the other hand, a breach of $1,177 (low May 4) would aim for $1,168.50 (low Mar.20) ahead of $1,159.40 (low Mar.19).